US wheat prices drop low enough to compete in Egypt -Reuters

Prices Egypt paid recently for Russian and Romanian wheat shows that US wheat prices are now low enough to compete here, according to Reuters. Egypt last bought US wheat in May and this was its first purchase in more than two years. “U.S. wheat prices have tumbled 60 percent since reaching a four-year high in 2012 as large harvests around the world have reduced export demand. Global wheat inventories are at record-high levels, due in part to heavy production from Russia.” The drop in prices has attracted Algeria, the world’s third-largest wheat importer, which made its biggest U.S. wheat purchase in nine months on Tuesday, the newswire says.